Vivendi (VIVEF.PK) reportedly turned down an $8.5B offer it received three months ago from SoftBank (SFTBY.PK) for Universal Music. Analysts reacted with frustration to the report, as SoftBank's offer was $2-3B more than some of them reckon Universal is worth. While the French media and telecom conglomerate is under pressure to split itself up and has been looking to sell telecom operations, it views the music business as core.